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Securities Fraud Charge for Software Exec

Securities Fraud Charge for Software ExecLate last year, federal authorities charged Christopher Salis, 39, of San Mateo with securities fraud and money laundering. According to prosecutors, Salis, who was a global vice president at software giant SAP, disclosed inside information about the company’s planned acquisition of Concur Technologies, a Washington-state based travel management software firm to Douglas Miller, a former Purdue University classmate.

Miller and his brother, Edward Miller, ran a car wash operation that was in financial difficulty. The Miller brothers purchased shares in Concur, based on Salis’ information. The brothers also shared the privileged information with their parents and other acquaintances. Investigators say that the privileged information resulted in profits of more than $500,000 to investors connected to Salis and/or the Miller brothers. Once the Miller brothers sold their shares, they paid a portion of their profits on the sale back to Salis.

According to prosecutors, the brothers made about $270,000 in profits from their investment in the travel company, and paid Salis about $90,000 in cash, which they transported to California on a commercial flight. Other investors made about $240,000 in profits. All three men were charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud, money laundering and structuring transactions to avoid reporting requirements. Prosecutors also allege that Salis and the Miller brothers had previously engaged in an insider-trading scheme that arose from Salis’ employment at Business Objects, a company that was acquired by SAP in 2007.

Salis is also charged with four counts of wire fraud and five additional counts of securities fraud. Douglas Miller is also charged with six counts of wire fraud, five counts of securities fraud and one count of lying to investigators. Edward Miller is charged with one count of wire fraud, one count of securities fraud, one count of obstruction of justice and one count of harassing a witness.

Federal securities fraud attorney

If you’re facing federal securities fraud charges, you need the assistance of an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has more than 30 years of experience in federal criminal defense and will fight aggressively on your behalf in court.

About eileen peck

Eileen Peck is a graduate of the University of Michigan and holds a Bachelor of Arts Degree in Film and Television. She also holds an Associate Degree in Digital Electronics from Washtenaw Community College in Ann Arbor, MI. She worked for nearly 20 years in the Information Technology and networking fields for higher-education and non-profit institutions prior to establishing a freelance writing business in 2007. She offers a variety of business writing products for small- and medium-sized businesses, including web and marketing content, strategic business documents and business proposals.

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